BANGALORE: Siemens has pulled out its prized 8-acre land parcel in Koramangala from the market after another effort to sell it failed. There appears to be some uncertainty about the status of the land, which has been on the market since 2008 and commands a price of Rs 400 crore.

Two weeks ago, Siemens failed to sell the land to buyers led by real estate major Prestige Estates Projects. Sources said Prestige and Stumpp, Schuele & Somappa Group, who own a 3-acre land parcel adjacent to the Siemens property, jointly bid and emerged as highest bidders. However, private equity players such as Tata Capital who were approached to fund the bid backed out citing technical issues after a due diligence.

Senior officials at Prestige were not reachable for comment. While there are other bidders like Nitesh Estates in the fray, Siemens is believed to have communicated its intent to pull out the land parcel from the market. A year ago, RMZ Corp had backed out of the Siemens deal after emerging as the highest bidder. The developer had then said the land did not have clear titles.

A source said, "The problem is that as per government records the land parcel continues to be notified for acquisition, though there has been some move to denotify it". Another source said there were issues pertaining to the FSI that developers can avail.

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Siemens has pulled out its prized 8-acre land parcel in Koramangala from the market after another effort to sell it failed. There appears to be some uncertainty about the status of the land, which has been on the market since 2008 and commands a price of Rs 400 crore.